Despite its price hike in March and production delays, Rivian confirmed that they have a total of 10,000 reservations for its electric trucks since their price hike in March.
During its first-quarter earnings call, Rivian confirmed that it has new reservations of 10,000 for its R1 electric trucks, as of May 9, Rivian has over 90,000 preorders for its R1 units in the U.S. and Canada.
Rivian CEO RJ Scaringe confirmed in the earnings call: “It is worth noting that since our March 1 price increase, we have received over 10,000 R1 preorders for the U.S. and Canadian market with an average price of over $93,000.”
Recently, Rivian has been facing challenges such as supply chain issues and a rough first-quarter results, where the automaker had a $95 million revenue. They also produced 2,553 vehicles and delivered 1,227 of them.
Rivian said in their shareholder letter: Since March 31, 2022, we have been forced to stop production for longer periods than anticipated, resulting in approximately a quarter of the planned production time being lost due to supplier constraints. Encouragingly, as we demonstrate our production ramp, our suppliers are leaning in to help ensure we can achieve our targets.”
Rivian is also keeping its commitment on delivering its target of 25,000 vehicles this year. Additionally, the company’s facility in Illinois has an annual capacity of 150,000 units and plans on building a new plant in Georgia.